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Economic Growth and Happiness
Economic Growth Can Lead to Healthier and Happier Societies
More Availability of Goods
Increase in Tax evenues and Better Welfare Programs.
Increase in Purchasing Power
Health Industry Benefits
Business Sector Benefits
Economic Growth Can Lead To Healthier and Happier Societies
Economic growth has long been termed as the precursor to any society's success, and in this paper, we shall be looking at various aspects of economic growth that are directly correlated to happiness in the society, as well as those that negate this causality leading us to wonder whether all the technological progress in the world can eventually lead to happiness.
There are various factors that impact happiness where geography is a consideration in the sense of the location of a country has an important part to play in terms of its cultural values, and the manner in…
Fribbance, I. (2009). Economic wealth and happiness. Introduction to the social sciences . Open University.
Fribbance, I. (2009). The changing UK economy: making a greener and happier society? . London: Open University.
Megan, J. (2009). Economics and Geography. Introducing the social sciences .
S. economy from one with an emphasis on imports to one with an emphasis on exports. The shift to the gold exchange standard further facilitated this, as foreign exchange was ultimately converted to gold, and U.S. wealth grew rapidly in the 1920s (Smiley, 2010).
There were a number of beneficiaries from this economic expansion. On average, most Americans benefited from the expansion in terms of increased wealth and living standards and the federal government saw its revenues increase (de Rugy, 2003). However, wealth disparity grew rapidly during this period as well. By 1929, the richest one percent of U.S. households held 45% of national wealth, in stark contrast to the first one hundred plus years of the nation's history (DeLong, 1997). ith declining immigration and birthrates during the decade, the rise in economic wealth was nevertheless able to find its way to the pockets of working Americans, despite the increase…
De Long, B. (1997). Slouching towards Utopia? The economic history of the 20th century. University of California at Berkeley. Retrieved November 4, 2010 from http://www.j-bradford-delong.net/tceh/slouch_roaring13.html
de Rugy, V. (2003). 1920s income tax cuts sparked economic growth and raised federal revenues. Cato Institute. Retrieved November 4, 2010 from http://www.cato.org/pub_display.php?pub_id=3015
Schultz, S. & Tishler, W. (no date). Civil War to the present. University of Wisconsin. Retrieved November 4, 2010 from http://us.history.wisc.edu/hist102/lectures/lecture15.html
Smiley, G. (2010). The U.S. economy in the 1920s. EH.net. Retrieved November 4, 2010 from http:/ / the.net/encyclopedia/article/Smiley.1920s.final
Economic growth between U.S. And China
The ascend of China from a deprived, moribund state to a most important financial supremacy within an instant period of merely 28 years is frequently depicted by psychoanalysts as one of the most monetary triumph narratives in contemporary era. Taking into account the recent years economic growth China has managed to comfortably join the top bands as one of the leading economies in the world. This high economic growth rate has been realized mainly from increased exports, which consist of a wide range of commodities which includes clothes, jewelleries, household equipments and electric appliances. Export of luxury products such as mobile phones, laptops and other telecommunication equipments from China, especially to developing countries, has greatly increased. This study sought to establish the impact of this thriving economy between U.S. And China.
Since 1979 by the time the economic amendments were first established to around…
Alleres D. (2003). Luxe strategies marketing. (3 ed.). France: Economica
Bardhan, Ashok Deo and Jaffee, Dwight (2004), "On Intra-Firm Trade and Multinationals: Foreign Outsourcing and Offshoring in Manufacturing" in Monty Graham and Robert Solow (eds.), The Role of Foreign Direct Investment and Multinational Corporations in Economic Development.
Lernoud B. (2004). Marketing fundamental. Retrieved on 2011-05-10 from http://visionarymarketing.com/
MO, C. (2004).Crawling the catwalk.retrieved 2011-05-10 from http://www.cityweekend.com.cn/en/beijing/features/2002_12/Cover_Beauty
8% in the fourth quarter of 2008.... [a]sharp slowdown in finance and insurance, a further contraction in construction, and a deceleration in durable-goods manufacturing were the leading contributors to the economic slowdown" (Overview of the U.S. Economy: Perspective from the BEA Accounts, 2009, BEA). Still, Europe is experiencing its worst economic downturn since the Second orld ar. Its more precipitous decline contradicts initial economic expectations that the European Union might be buffered from the crisis.
European home prices remained more durable than in the United States and European consumers have cut back less on their spending. The problem is that the European export industry has been suffering. hile the more developed nations of Europe have taken more aggressive measures to inject capital into their economies and pursued more aggressive stimulus plans than the United States, poorer economies cannot afford to do so and still adhere to the policies of the…
Italy 2009 GDP to shrink 2.5 pct (2009, February 3). Reuters. FX Street.
Retrieved February 19, 2009 http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=08b67ab1-2c05-4ff4-bfc7-e0e6915b76b2
Pfanner, Eric. (2009, February 3). Europe slump deeper than expected. The New York Times.
Retrieved February 19, 2009 http://www.nytimes.com/2009/02/14/business/14euro.html
Human Capital and Economic Growth
The concept of human capital is referred to in the field of economics, referring to the intangible characteristics of people which may be used to support or enhance their well being. The concept includes aspects such as the creativity, skills, knowledge and even personality traits such as charisma and al other personal competencies that have the potential to create some form of economic value. The most commonly used definition of human capital comes from the OECD where it is stated it is the "knowledge, skills, competencies and attributes embodied in individuals that facilitate the creation of personal, social and economic well-being" (OECD, 2001). An individual will have human capital, but the main use of the concept is when the individual levels of human capital are aggregated and the human capital is considered ion a broader scale, such as the human capital within a firm,…
OECD, (2001), OECD Productivity Manual, Paris
Romer, P., (1986), Increasing Returns and Long-Run Growth, Journal of Political Economy, 94 (5), 1002-1037
The private sector tends to be against public sector funding, since it represents a basic redistribution of wealth from the ground up. Private sector economics has always held that the trickle-down economic models work best, where businesses and the very rich are given tax cuts and stimulus that is supposed to trickle down to the workers and the economy through renewed monetary business incentives. However, this form of economics, popularly labeled "Reaganomics" since President Reagan was one of its biggest advocates, has failed utterly and has led to one of the largest global economic collapses in modern times.
The growth of the economy can often be linked to the growth of the money supply, or what economists commonly refer to as M2. When M2 shrinks, the economy tends to follow, since there is less money available for investment and reinvestment in the public sector. Accordingly, when M2 grows, the economy…
Economic growth can be described as a measure through which the output of an entire economy grows or increases. Since this growth may be national, regional, or global, economic growth does not necessarily refer to growth in sales of any single industry or business. Economic growth is usually determined through various factors such as the Gross Domestic Product or Gross National Product. These measures of determining economic growth are considered on the basis of an economy's income or output. In addition to these, there are other important factors that play a crucial role in economic growth, which is governed by principle. They include the government, competition, and internal and external factors whose role is crucial in economic growth and development.
Principle of Economic Growth:
Business growth and economic cycle are processes that are primarily driven by similar microeconomic variables from a theoretical perspective. Generally, these processes are driven by the…
Beckerman-Rodau, A 1991, The Impact of Technology on Intellectual Property Law, Suffolk
University Law School, viewed 15 April 2014,
Department of Economics n.d., The Business Cycle, Aggregate Demand and Aggregate Supply,
University of Colorado Boulder, viewed 15 April 2014,
Economic Growth in Hong Kong and Singapore:
The main goal of the World Bank is to assist developing countries and their citizens to achieve objectives through partnership with its allies to alleviate poverty.
As a result, this financial organization has currently been advising newly industrialized countries on methods for encouraging economic growth. Notably, various methods can be used to encourage economic growth for typical companies in Hong Kong and Singapore.
Economic Growth in Hong Kong:
Together with Singapore, Hong Kong has become one of the economies in Asia that has experienced explosive growth in the past few decades. This growth can be attributed to various factors including the establishment of a strong infrastructure, use of economic freedom, and following an American economic philosophy. For typical firms in Hong Kong, some of the min methods of encouraging economic growth include:
Improving Management Structures:
While there has been minimal emphasis on the…
Kwong, S.K. (n.d.). Productivity and What It Means to Hong Kong. Retrieved from Hong Kong
Policy Research Institute Limited website: http://www.hkpri.org.hk/bulletin/12/sunny-kwong.html
Thangavelu, S. & Wei, Y.Y. (2006, July0). Aging and Economic Growth: Issues Relevant to Singapore. Retrieved from National University of Singapore website: http://www.fas.nus.edu.sg/ecs/pub/wp-scape/0613.pdf
This developed later into selling feeder stock to U.S. where the costs of feed were less. In terms of agriculture, Canada does not have a suitable climate to grow corn, and during the 1890s there was the change in cultivation through the use of a new variety of wheat called 'red fyfe' that has a short growing season. This also provided better prices for the farmers and was suited to the short growing season and low rainfall in the Prairie Provinces. This was a factor that helped the economy to be strong till the Great depression started in the 1930s. (Watkins, the Economic History of Canada)
Looking at the political situation in Canada at that time, the Prime Minister wanted to have a strong central government but his situation was complicated through the challenge from the provincial commitments through the British North America Act. This was used the most by…
Belanger, Damien-Claude; Belanger, Claude. French Canadian Emigration to the United States, 1840-1930. 23 August 2000. Retrieved at http://www2.marianopolis.edu/quebechistory/readings/leaving.htm. Accessed on 12 June, 2005
Canada. Encyclopedia Article. Retrieved at http://encarta.msn.com/encyclopedia_761563379_27/Canada.html. Accessed on 12 June, 2005
Clark, Penney. Literature and Canadian History: A Marriage Made in Heaven? Canadian Social Studies. Fall, 2002. Vol: 37; No: 1. Retrieved at http://www.quasar.ualberta.ca/css/Css_37_1/ARliterature_canhistory_marriage.htm. Accessed on 11 June, 2005
Economic History of Canada. The Quebec History Encyclopedia. Retrieved at http://www2.marianopolis.edu/quebechistory/encyclopedia/Econhistcan.htm. Accessed on 11 June, 2005
Economic Gowth Lead Healthie Happie Societies
Weathe economic gowth leads to healthie and happie societies o not? It is the question of cuent essay. Usually economic gowth and development bings pospeity and wellness in the lives of individuals by impoving thei life style. With the economic gowth of a county the quality of life impoves as people have bette food to eat, bette houses to live in and bette clothes to wea. In addition thee ae bette facilities of education, health and eceation in the access of people. An example is economic gowth and pospeity of Saudi Aabia. The impovement of the economic status in the Saudi govenment helped each Saudi citizen get fee social sevices, especially health sevices. This esulted in a low infant motality ate of 11.9-4 pe 1000 live biths in 2008 compaed to 47.94 in 2003 (Ministy of Health, 2009). The cuent essay is a epot…
references over inflation and unemployment: Evidence from surveys of happiness. American Economic Review, 91(1), 335-341.m
Flanagan, J.C. 1978. A research approach to improving our quality of life. American Psychologist, 138-147.
Harlow, C. (2003). Education and correctional populations, bureau of justice statistics special report. Washington, DC: U.S. Department of Justice.
Hughes, M., & Thomas, M.E. 1998. The continuing significance of race revisited: A study of race, class, and quality of life in America, 1972 to 1996. American Sociological Review, 63(6), 785-795.
Lane, R.E. 1994. Quality of life and quality of persons: A new role for government? Political Theory, 22(2), 219-252.
This "crippled operations" not only in local businesses but in companies located in the most affected regions that supplied materials for manufacturing. In other words, Japan suffered from a shutdown of many companies that provided certain parts for cars and electronics. For example, the area that was slammed by the tsunami was a "supplier hub" where companies like Hitachi produced special parts -- including a "…$2 sensor that is part of a $90 airflow sensor used in engines for many vehicles" at the Hitachi plant (Rice, 2011, p. 29). But the shortages of certain parts also had an affect on companies in the United States; to wit, General Motors' engine plant in New York ran out of parts (that are normally manufactured in Japan) so it had to shut down its New York and European plants (Rice, 29).
Even the Apple iPad2, which was officially launched to the public on…
Works Cited / References
Allison, Anne. (2012). Ordinary Refugees: Social Precarity and Soul in 21st Century Japan.
Anthropological Quarterly, 85(2), 345-370.
Belanger, C. (2011). Japan. Our World: Japan, 1.
Chandler, C. (2012). JAPAN ONE YEAR LATER. Time International (South Pacific Edition), 179(10), 26.
The final form of these tables and charts will be dependent upon the form and types of data that are found during the conduct of the research.
Data Analysis Methods
Data analysis methods will be similar to those used by Asseery & Al-Sheikh (2004). They will include multiple regression analysis based on cointegration techniques. Error correction techniques will be applied that are similar to that which was found in Plazolo & Bank (1995). These and other sources found in the literature review will be used in the construct of the data analysis methods.
Quality Assurance Methods
Quality of the final research will be dependent on the credibility of the sources used and the data contained within them. Statistical methods will also be applied to help reduce errors and assure quality of the final research product. Many of these methods are dependent upon the data which is found, the form it…
Anaman, K.A. (2004) "Determinants of economic growth in Brunei Darussaiam." Journal of Asian Economie. 15: 777-796.
Asseery, a. & Al-Sheikh, H. (2004). "The determinants of the Saudi Economic Growth." Journal of Faculty of Commerce for Scientific Research. Alexandria University. Egypt. 41: 97-116.
Plazolo, M. & Bank, D. (1995). "Determinants of South Korean Economic Growth." International Economic Journal. 9:9-110.
1. Check out the Gapminder website at http://www.gapminder.org/. Choose "Gapminder World."
a. Choose a variable from the list of possible y-axis variables that you think might be affected by the rate of a countries economic growth or income per capita. Why did you select this variable? How do you think this variable is affected by economic growth or per capita income?
In clicking on the y-axis, there are a list of variables that spring out on a list. The broader categories include children per woman, CO2 emissions, income per person, child mortality, life expectancy, economy, society, education, energy, environment, health, infrastructure, population and work. The author of this response has a few answers to the question above about how many of those variables are affected by economic growth and per capita income.
One easy-to-see variable that can be described that way is health. The health of a country is certainly…
The above chart shows that economic growth in terms of real GDP was fairly strong from 4Q2002 (barely a year after 9/11) until about early to late 2007, when it nose-dived to roughly 12.75 trillion. It has since started to rise again and now is above the high point in 2007/2008. GDP growth over recent years has not been blowing the doors off, but it has steadily gone upward for the last 3-4 years.
On a similar note, unemployment spiked very high, leveling off north of ten percent in late 2009/early 2010. It has since tapered down to 7.70%. However, as it relates to the current state of the economy, that figure is extremely misleading. First, anyone that has exhausted their 99 weeks (or applicable tenure) of unemployment benefits is not included in this figure nor is anyone that has voluntarily given up and left the workforce.…
Regardless, the it is clear that the current state of the economy is that the underlying fundamentals are strong. The housing correction that has happen after the 2007/2008 credit crash seems to be subsiding and corporate revenues across the entire economy are strong. Consumer confidence is starting to rise and if that continues to happen over a long enough time, the purse strings of corporations flush with cash will start to ease up.
That being said, throwing more and more regulations/taxes at businesses is a bad idea. If there is a tangible need for it, that's fine. But punishing an entire industry for the actions of a few (think: Enron) or complaining abou the rich not paying enough taxes (when 47% of individual taxpayers pay ZERO federal income tax) is just so off-base. A lot of small-business owners are the "top 2%) that will get hit in the shorts by taxes going up. If they are the ones doing the hiring, they should not be punished during or in advance of doing so.
Lastly, the ongoing patchwork of short-term budget fixes such as the current fiscal cliff morass needs to stop ASAP. A common-sense long-term solution needs to be figured out, put in place and then the government needs to leave it alone. The reason for the current state of low-gear economic performance is due to people not knowing what their tax/compliance expenditures will be not even 30 days from now (let alone years down the road).
economic growth across the United States over the last few months and the inflation concerns stemming from the energy sector. The overall increase in consumer price index, which is the general measure of the inflation rate, is more than balanced by the increase in the income levels for the period. The increase is consumer prices between April and May (.5% increase) created fears of inflation. This steep increase however is not an accurate appraisal because it reflected the temporary surge in oil prices during that month. In general energy and food components are considered to be volatile and therefore price hikes of these products will normalize within a short period of time. Oil prices have since dropped down and by the end of June they were stabilized at close to normal levels. However, any sustained increase in energy costs would have drastic effects on the prices of consumer goods and…
ECONOMIC INSTABILITY VS. FISCAL POLICY
Fiscal Policy vs. Economic Instability
Much has been stated and asserted about what governments can do to inhibit or create economic growth. Indeed, many politicians campaign and assert that they can create jobs and economic growth. Others suggest that such statements are pure folly and are no indicative of reality. The truth about governments and their ability to start or stop economic growth is somewhere in the middle. While governments passing and enforcing fiscal policy can encourage or allow for growth, they cannot organically create it but can absolutely hurt the economies they say they want to save if they act the wrong ways.
If the last five years in the United States has proven anything, it would be that keeping interest rates extremely low and offering piecemeal tax breaks alone are not enough to fix the economic travails and problems that were laid bare…
EconLib. (2014, June 25). Fiscal Policy. The Concise Encyclopedia of Economics.
Retrieved June 25, 2014, from http://www.econlib.org/library/Enc/FiscalPolicy.html
Hepler, L. (2013, October 25). California economic forecast: Obamacare, state debt, federal politics, taxes, pension shortfall - Silicon Valley Business Journal. Silicon Valley Business Journal. Retrieved June 25, 2014, from http://www.bizjournals.com/sanjose/news/2013/10/25/five-things-to-watch-for-in-the.html?page=all
O'Leary, A., & Selbin, J. (2013, September 13). Obamacare: California can use the ACA
Domestic Macroeconomic Issue
Economic Growth and Development
Macroeconomic stability does not single-handedly assure high rates of economic growth. Factors such as unemployment, inflation, national income, and economic growth and development are the most important determinants of economic prosperity at the macro level (Driessen 2001 p. 40). Economic growth and development is one of the macroeconomic issues with considerable impact on the overall GDP of an economy. A country attains economic growth when there is positive change in the level of production of goods and services over a given period. The nature of change in the level of production would be an essential ingredient to determine whether the outcome is a nominal or real growth (Driessen 2001 p. 40). A nominal growth is a type of economic growth that includes inflation whilst real growth means the nominal growth minus inflation. Technological inventions and innovations as well as positive external forces are…
Binit Patel, G.S. (2007). U.S. economic growth. FT.Com,, 1.
Driessen, R. (2001). Economic growth and development. Marketplace, 12(13), 40-40.
Shuford, S., Rynne, S., & Mueller, J. (2010). Economic development. Planning Advisory Service
Report, (558), 101-117.
Financial Development and Economic Growth
The United States of America has made significant developments with respect to their financial market which in turn has resulted in the form of high economic growth. When we compare the U.S., which has one of the most developed financial markets, to other less developed countries, we find that the United States accumulates capital and grow at a higher rate due to markets being more stable. On the other hand, other lesser developed countries have not made much considerable development with respect to financial development which in turn has affected their economic growth. In this paper we will examine the financial development of a less developed country and will measure its effects on its economic growth. For this purpose we will include statistical data to make our point more valid. We will also use measure of financial development such as the exchange rate volatilities, stock…
1) Levine, R (1997),Financial Development and Economic Growth: Views and Agenda,
Journal of Economic Literature: Vol.35 (2), pp.688-726.
2) Neusser, K.and M.Kugler (1998),Manufacturing Growth and Financial Development:
Evidence from OECD Countries: Review of Economics and Statistics: 80(4),pp.
sustainable development and economic growth?
Within a global economy, it is very important that as people that we start to rethink the basis of economics for the reason that with the economic system we are gifted with today, sustainable development and economic growth is not likely to attain simultaneously. This essay provides an overview of the issue and call for a shared policy that gives an everyone of the individuals the chance to understand one's potential, inside the natural boundaries of earth The problem of having a sustainable development and at the similar time experience a unceasing economic growth is turning out to be more pressing as many starts to perceive the limitations nature. This essay argues that sustainable development is impossible to achieve and per se disjointed with economic development, assumed the nature and features of the market founded economic theory that our worldwide economy is founded on today.…
Abstracts from the society for clinical trials annual meeting, Miami, may 21-23, 2012. (2012). Clinical Trials, 9(4), 450-554.
Hennicke, P. (2005). Long-term scenarios and options for sustainable energy systems and for climate protection: A short overview. International Journal of Environmental Science and Technology: (IJEST), 2(2), 181-191.
Hettiarachchi, S. (2012). Sufficiency and material development: A post-secular reflection in the light of Buddhist thought. European Review, 20(1), 114-130.
Huesemann, M.H. (2003). The limits of technological solutions to sustainable development. Clean Technologies and Environmental Policy, 5(1), 21-34.
Aside from these positive consequences, a free market would negatively affects small entrepreneurs in the meaning that most of them would not possess the necessary resources to compete with international producers and would end up in bankruptcy.
Multinational corporations and international organizations
Large international corporations have been widely criticized for the destruction of local businesses and for forcing their own products and culture upon other countries. One of the most eloquent example of such behavior is McDonald's, for the expansion of which specialists used the term McDonaldization "to describe the phenomenon of local cultures being stamped out by multinational corporations spreading a homogeneous Wester (usually American) culture." However, economists' opinions on the matter vary: the advocates of globalization state that the international corporations aid to the development and enlargement of other countries' culture, while disclaimers of globalization believe that the process destroys local small companies and damages the countries' culture.…
Horowitz, M.C., 2005, New Dictionary of the History of Ideas, Volume 2, Communication of Ideas to Futurology, Thomas Gale Publishing
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Sweden, 2005, the Role of Multinational Corporations in Achieving the Millennium Development Goals, the Committee of Economic and Social Council
Horowitz, M.C., 2005, New Dictionary of the History of Ideas, Volume 2, Communication of Ideas to Futurology, p. 389, Thomas Gale Publishing
Low Income Countries
Economic status of North Korea
A less developed country is that country with a Gross Domestic Product (GDP) of less than 2% of global trade in goods relative to other countries. Less developed countries are known for less industrialization and more often than not a high dependence on foreign aid. These countries are grouped as the poorest and weakest market economies and consist of more than 880 million people. They rely heavily on exports of agricultural products whose prices keep on fluctuating fetching low price in the international market while they import most of the industrial and manufactured goods from developed countries a reason for continued balance of payment deficits, resulting into high debt burdens which have kept them as beggars' in the international community thus a continuous vicious cycle of poverty (UN-OHLLS, 2011).
Less developed countries are also characterized by low level of socio-economic development with…
Bloomberg News, (2010). China's North Korea Ties Risk Angering Trade Partners. Retrieved December 15, 2013 from http://www.businessweek.com/news/2010-11-29/china-s-north-korea-ties-risk-angering-trade-partners.html
Jane's Information Group, (2009). Natural resources (Korea, North), Natural resources.
Retrieved December 15, 2013 from http://articles.janes.com/articles/Janes-Sentinel-Security-Assessment-China-And-Northeast-Asia/Natural-resources-Korea-North.html
The Heritage Foundation, (2011). North Korea. Retrieved December 15, 2013 from http://www.heritage.org/index/country/northkorea
The Free and Open Indo-Pacific Strategy is a term describing a strategy championed by the United States and other Pacific Rim democracies, along with India, to promote democracy and economic growth in the region. The use of the term "Indo" and inclusion of India is viewed as being deliberate to reflect the importance of India in Asian economics and politics, and also to provide greater counterbalance to China, the region's most important non-democratic state (PTI, 2018). In the context of this strategy, free refers to sovereignty of nations to carve their own path, free from coercion of other states, and open refers to open infrastructure, the encouraging of greater regional infrastructure integration that comes as part of the strategy (Wong, 2018).
In addition to promoting democracy, the Free and Open Indo-Pacific strategy will also promote economic growth in the region, in a few different ways. For one, the region's…
Mishra, V. (2013) India and the rise of the Indo-Pacific. The Diplomat. Retrieved October 3, 2018 from https://thediplomat.com/2013/09/india-and-the-rise-of-the-indo-pacific/
Pant, H. (2017). Take note: Asia\\'s quad is back. The Diplomat. Retrieved October 3, 2018 from https://thediplomat.com/2017/11/take-note-asias-quad-is-back/
PTI (2018) Indo-Pacific over Asia-Pacific reflects India\\'s rise: US official. Economic Times. Retrieved October 3, 2018 from https://economictimes.indiatimes.com/news/defence/indo-pacific-over-asia-pacific-reflects-indias-rise-us-official/articleshow/61519684.cms
Rajagopalan, R. (2018). How the Indo-Pacific concept is changing the power dynamics in Asia. World Economic Forum. Retrieved October 3, 2018 from https://www.weforum.org/agenda/2018/09/how-the-indo-pacific-concept-is-changing-the-power-dynamics-in-asia
Wong, A. (2018) Briefing on the Indo-Pacific strategy. US Department of State. Retrieved October 3, 2018 from https://www.state.gov/r/pa/prs/ps/2018/04/280134.htm
1. What is meant by “twin deficits”? Use this relationship between GNE and GNDI to explain your answer
Twin deficits take into account a circumstance where an economy is facing both a fiscal deficit as well as a deficit on the current account for the nation’s balance of payments. Therefore, the nation is facing both trade deficits and government budget deficits. This can elucidate the relationship between national income (GNDI) and the national expense (GNE). Notably,
GNDI = GNE + CA (current account)
GNDI > GNE if and only if CA > 0 and this is indicative of a surplus in the current account
GNDI < GNE if and only if CA < 0 and this is indicative of a deficit in the current account
2. Give an intuitive explanation that captures the relationship between the current account position (surplus or deficit) and role of the country as…
Caprio, G. (Ed.). (2012). The evidence and impact of financial globalization. Academic Press.
Cline, W. R. (2010). Financial globalization, economic growth, and the crisis of 2007-2009. Peterson Institute.
Investopedia. (n.d.). Current Account. Retrieved from: https://www.investopedia.com/terms/c/currentaccount.asp
Investopedia. (n.d.). J-Curve Effect. Retrieved from: https://www.investopedia.com/terms/j/j-curve-effect.asp
Yeyati, E. L., & Williams, T. (2014). Financial globalization in emerging economies: Much ado about nothing?. economía, 14(2), 91-131.
Development and Growth in the Field of CED
Development and growth are some of the most commonly used terms in the field of community economic development. The field of community economic development (CED) focuses on promoting the involvement of a community when working with public and private sectors towards the creation of strong markets, industries, and communities. This field also focuses on encouraging the use of local resources in a manner that enhances economic opportunities while enhancing social conditions in a sustainable manner. Some of the most common examples of initiatives in this field include enhancing opportunities for disadvantaged members of the community and undertaking measures to overcome challenges.
Given the focus of community economic development, growth and development are two common terms in this field. These terms are sometimes used interchangeably in this field because they share some similarities. The use of these two terms interchangeably is also fueled…
Committee for Economic Development. (2003, May). How Economies Grow: The CED Perspective on Raising the Long-term Standard of Living. Retrieved September 27, 2017, from https://www.ced.org/pdf/How-Economies-Grow.pdf
Global Economy Guide. (2017). Economic Growth and Development. Retrieved September 27, 2017, from http://www.theglobaleconomy.com/guide/article/108/
Villamil, J.C. (2009, October). How do Agglomeration Economies Affect the Development of Cities? Retrieved from North University website: http://rcientificas.uninorte.edu.co/index.php/economia/article/view/1926/6111
Consider the DMP model. Low unemployment is a commonly pursued goal of governments. A subsidy, s, is given to firms to encourage more hiring is a policy option that can be implemented with the intended goal of increasing employment and reducing the unemployment rate
1. What is the firm’s surplus, consumer/worker surplus and total surplus with the introduction of a subsidy?
In a successful firm-worker match, the firm produces an output level, z. The firm’s surplus is given by the profit generated from a certain level of output. Assuming a unit price of 1 and that no capital is used in the production process; the firm generates a profit of
Profit = z – w; where w is the real wage paid to the worker
An employment subsidy, S, increases profits by the amount of the subsidy such that:
Profit/firm’s surplus = z – w + s
Berg, H. V. (2016). Economic Growth and Development (3rd ed.). Danvers, MA: World Scientific Publishing.
Trading Economies (2020). Canada Unemployment Rate. Trading Economies. Retrieved from https://tradingeconomics.com/canada/unemployment-rate
Trading Economies (2020). United States Unemployment Rate. Trading Economies. Retrieved from https://tradingeconomics.com/united-states/unemployment-rate
I do not feel that now is a good time to invest in long-term bonds. The reason is this – the value of long-term bonds decreases as interest rates increase. As this looks like an increasing interest rate environment, long-term bonds look like they would come with an opportunity cost. Short-term bonds would be a better investment in this environment..
There is a Federal Reserve rate increase expected this week, but that has already been priced into the bond market (Robb, 2017). The idea of the Fed increase is that it will place a constraint on economic growth, in which case the current economic expansion will continue "at a steady pace without overheating" (Robb, 2017). Indeed, the Fed has already cautioned that if the market does not respond with slowing conditions that "All else equal, an easing of financial conditions may warrant a somewhat steeper policy rate path." (Robb,…
Hayes, D. (2017). Bond basics tutorial. Investopedia. Retrieved December 11, 2017 from https://www.investopedia.com/university/bonds/bonds3.asp
Robb, G. (2017). Here\\'s why the Fed will hike interest rates on Wednesday. Marketwatch. Retrieved December 11, 2017 from https://www.marketwatch.com/story/heres-why-the-fed-will-hike-interest-rates-2017-12-11
Growth The retailer sector was lately affected by the back-to-school shopping season, which did not start so well, as midprice department stores, discounters and specialty-apparel retailers announced disappointing sales results during August, which reinforced the already much debated concerns that consumers are not comfortable with the current state of the economy and are reluctant to consume, considering the shaky and uneven economic recovery.
However, luxury department-store chains managed to post significant earnings, as they benefited from the help of an important number of upscale shoppers. Still, the effects of higher gas prices and the rising value of grocery bills, combined with lackluster job growth were severely felt by moderate- and lower-income shoppers.
Michael Niemira, chief economist and director of research at the International Council of Shopping Centers feels that "There's weaker-than-expected performance," due to the fact that "there was a slowdown in spending, but some results are exaggerated by…
1. Higher energy prices depress overall economy. Charles Stein.
Knight Ridder Tribune Business News. Washington:
Aug 6, 2004. On the Internet at http://gateway.proquest.com.libproxy.unm.edu/openurl-url_ver=Z39.88-2004&res_dat=xri:pqd&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&genre=article&rft_dat=xri:pqd:did=000000674708321&svc_dat=xri:pqil:fmt=text&req_dat=xri:pqil:pq_clntid=2877
2. Retailers' Sales Come In Weaker Than Expected; Soft Results Reinforce Fears About Consumer Confidence; Discounters Saw Biggest Hit. Kortney Stringer.
These lessons would suggest the need to change or veer away from the "me first" mentality of the U.S. agriculture and its representatives. What would serve agriculture and society best would be by working to identify how broad society and its farmers desired the future agricultural sector should be structured. Corollary to this would be to use its comparative advantage in designing policy interventions, which would realistically, efficiently and effectively achieve this goal. Only through this process could the legitimate wants of farmers be balanced against their responsibilities to their broader society. Only then could agriculture have a true and successful societal basis for its farm program interventions (Poe).
1. Choices. Converting to Organic. American Agricultural Economics Association, 2001. http://www.findarticles.com/p/articles/nu_n0HIC/is_2_16/ai_77612359
2. Conlon, Michael. London Conference Discusses the Future of iotechnology in Agriculture. AgExporter, 2001. http://www.findarticles.com/p/articles/mi_m3723/is_11_13/ai_81766576
3. Ecologist, the. Last Ditch for ritain's Small Farms. MIT Press Journals, 2000. http://www.findarticles.com/p/articles/mi_m2465/is_2_30/ai_62053043…
1. Choices. Converting to Organic. American Agricultural Economics Association, 2001. http://www.findarticles.com/p/articles/nu_n0HIC/is_2_16/ai_77612359
2. Conlon, Michael. London Conference Discusses the Future of Biotechnology in Agriculture. AgExporter, 2001. http://www.findarticles.com/p/articles/mi_m3723/is_11_13/ai_81766576
3. Ecologist, the. Last Ditch for Britain's Small Farms. MIT Press Journals, 2000. http://www.findarticles.com/p/articles/mi_m2465/is_2_30/ai_62053043
4. -. Organic Targets One Last Push. MIT Press Journals, 2001. http://www.findarticles.com/p/articles/mi_m2465/is_5_31/ai_76285449
"Both the U.S. side and the Mexican side replicate the political, economic, social, and cultural systems of their respective nation-states. At the same time, borderlanders have blended the structures, institutions, and life expressions of the two societies to create something novel and entirely theirs -- the ambiente fronterizo, or borderlands milieu. Today the area stands as a prime example of binational interdependence, providing striking evidence of the trend toward closer ties among the world's nations and societies" (Martinez, 1994)
Coleman, M., 2005, U.S. Statecraft and the U.S. - Mexico Border as Security/Economy Nexus, Political Geography, Volume 24, Issue 2, pp. 185-209
Hackenberg, ., 1997, the U.S.-Mexico Borderland in Century XXI, Culture and Agriculture, Volume 19, Number 3
Longley, ., December 2004, Illegal Immigration Costs California Over Ten Billion Annually, About U.S. Government Info
Martinez, O.J., 1994, Human Interaction in the Texas - Mexico Borderlands, University of Arizona, http://www.humanities-interactive.org/borderstudies/text/essay.html. Ast…
Coleman, M., 2005, U.S. Statecraft and the U.S. - Mexico Border as Security/Economy Nexus, Political Geography, Volume 24, Issue 2, pp. 185-209
Hackenberg, R., 1997, the U.S.-Mexico Borderland in Century XXI, Culture and Agriculture, Volume 19, Number 3
Longley, R., December 2004, Illegal Immigration Costs California Over Ten Billion Annually, About U.S. Government Info
Martinez, O.J., 1994, Human Interaction in the Texas - Mexico Borderlands, University of Arizona, http://www.humanities-interactive.org/borderstudies/text/essay.html. Ast accessed on March 28, 2008
This aspect of the study were inclusive of works of "economic historians on the development of financial systems" most particularly the "banking systems" worldwide and exactly what the resulting impact will be. (Rousseau & Sylla, 2001) hile the two identified "strands of literature" one dealing with domestic and the other international developments, are no always related to one another" but are however, both elements of the story called financial globalization." Definition of a "Good Financial System" states that there are five key components which are: (1) Sound public finances and public debt management; (2) Stable monetary arrangements; (3) a variety of banks, some with domestic and others with international orientations, and perhaps some with both orientations; (4) a central bank to stabilize domestic finances and manage international financial relations; and: (5) ell-forming security markets."
Impacts of Globalization on National Economies
Impacts on the economies of the world have been stated…
Rousseau, Peter L. And Sylla, Richard (2001) "Financial Systems, Economic Growth and Globalization"
Financial Systems, Economic Growth and Globalization" 2001 Oct 15 Online available at http://www.nber.org/~confer/2001/globes01/sylla.pdfr.org/~confer/2001/globes01/sylla.pdf
Bruno, Giovanni S.F. et al. (2003) Measuring the effect of globalization on labor demand elasticity: An empirical application to OECD Countries ISBN 1616-4814. FLOWENLA Discussion Paper 2 available Online at http://www.eastwestmi gration.org retrieved from the Internet 26 May 2006
Gartzke, Erik (2003) War, Peace, and the Invisible Hand: Positive Political Externalities of Economic Globalization International Studies Quarterly Volume 47 Issue 4-Page 561 - December 2003 doi:10.1046/j.0020-8833.2003.00279.x Quan Li21Columbia University, 2 the Pennsylvania State University
Richard Matthews adds to the overall challenge of unbounded growth by providing a contentious work of his own. In his book, Matthews asserts that Thomas Jefferson, one of the most influencing thinkers of our time, was an anti-market theorist. Matthews further asserts that Jefferson was against a market economy with unbounded growth but instead advocated for more controlled economic development.
What is very interesting is that many of these principles seem radical, but given current economic circumstances, their insights may prove correct. One economic issue prevailing in the United States is that of rapid fiscal and monetary stimulus and its inflation implications. Currently, due in part to prevailing market conditions, governments have embarked on a path to massive fiscal ease. Governments, including the United States, Japan, Europe, and China have all engaged in massive stimulus operations. This was bought about primarily due to the growth initiatives of many of the…
The economy of Australia has been experiencing a positive growth. In particular, the economy of the nation has indicated extraordinary and remarkable progress devoid of going through a single recession for over two decades. This is a record that is unmatched by any other nation across the globe. The Australian economy has seen incessant growth and this has encompassed low unemployment rates, inflation that has been kept in check, considerably low public debt, and a financial system that is comprehensively strong and stable. For more than two decades, the economy of the nation has experience an average GDP growth rate of 3.5% every year. This growth rate has largely surpassed all other economies of major developed nations. For instance, the United States has an average growth rate of 2.6%, Canada having 2.5% and the United Kingdom having 2.2% (Tang, 2016). This can be illustrated in the diagram below.
For most of the time since the subject of economics was first studied, the idea of resource constraints has been irrelevant. The world was simply not viewed as a finite place. The concept of resource constraints was limited, more or less, to the consideration of constraints on an individual economy. Adam Smith recognized that all economies would face resource constraints of one type or another. As Snowdon (2003) points out, "to Smith, it was obvious that all economies were faced with resource constraints and that free trade was a policy that would allow any nation to achieve the most efficient allocation of its scarce resources." This notion was built into the Ricardian trade theory and classical economics. It has not been until recent times, however, that the concept of worldwide scarcity has become relevant. The idea of peak oil and a world with seven billion people (or more) has…
Alexandratos, N. (2005). Countries with rapid population growth and resource constraints: Issues of food, agriculture and development. Population and Development Review. Vol. 31 (2) 237-258.
Asheim, G., Buchholz, W., Hartwick, J., Mitra, T. & Withagen, C. (2005). Constant savings rates and quasi-arithmetic population growth under exhaustible resource constraints. CESInfo Working Paper No. 1573
Ellis, K., Cantore, N., Keane, J., Peskett, L., Brown, D. & te Velde, D. (2010). Growth in a carbon constrained global economy. Overseas Development Institute. Retrieved November 27, 2011 from http://www.odi.org.uk/resources/details.asp?id=4984&title=growth-carbon-constrained-global-economy
Friedman, M. (1971). The social responsibility of business is to increase its profits. New York Times Magazine. Retrieved November 27, 2011 from http://www.colorado.edu/studentgroups/libertarians/issues/friedman-soc-resp-business.html
HK & Singapore
A country's economic growth "may be defined as a long-term rise in capacity to supply increasingly diverse economic goods to its population…" (Kuznets, 1973). There are a number of methods by which economic growth can be encouraged. These include reducing barriers to business expansion (such as interest rates, tax rates and bureaucracy), increasing transparency in government, increasing population, trade policy, technological innovation and increased exploitation of resources. Singapore and Hong Kong are first-world city states with large populations and limited natural resources. Although both have experienced population increases, density is very high and there is limited room for domestic consumption growth. Likewise, there is limited room for growth in resource exploitation, as neither has excess natural resource capacity. Transparency International ranks Singapore as first in the world for least corruption, and Hong Kong is a strong 13th, so there is little room for improvement (Transparency International, 2010).…
Chung, S. (2005). Technology innovation and economic growth: Korean experiences. World Bank Workshop. Retrieved February 6, 2011 from http://info.worldbank.org/etools/docs/library/144056/Technology_Innovation_and_Economic_Growth.pdf
Kuznets, S. (1973). Modern economic growth: Findings and reflections. American Economic Review. Vol. 63 (3) 247-258.
Li, T. & Florida, R. (2006). Talent, technological innovation and economic growth in China. University of Toronto. Retrieved February 6, 2011 from http://www.rotman.utoronto.ca/userfiles/prosperity/File/Talent_Technological_Innovation_and_Economic_Growth_in_China.w.cover.website.pdf
Padovano, F. & Galli, E. (2001). Tax rates and economic growth in the OECD countries. Economic Inquiry. Retrieved February 6, 2011 from http://findarticles.com/p/articles/mi_hb5814/is_1_39/ai_n28821192/
rapid, post-orld ar II economic growth for the Japanese economy. A survey of the literature provides insights into management practices of Japanese firms, and offers direction for necessary changes that the American economy must make to successfully compete.
Because of the exceptional growth of East Asia in the 70s and 80s, a number of studies were conducted to determine the causes of economic development, particularly in Japan. Hayumi's article explored the question of whether there were lessons to be learned that would improve U.S. economic performance. Hayami argued that while the orld Bank study of the "East Asian Miracle" acknowledged successful cases of government planning and control in Japan, Korea, and Taiwan, the report did not provide a unique model of economic development. Given the complexity of political and government interventions, Hayami argued that the success of the northern tier could not be duplicated. Moreover, countries in the southern tier…
Anderson, William S. "Meeting the Japanese Economic Challenge." Business Horizons. 24. 2 (1981): 56-62. Web. 20 Oct. 2011.
Hayami, Yujiro. "A Commentary on the 'East Asian Miracle': Are There Lessons To Be Learned?" Journal of the Japanese and International Economies 10 (1996): 318-325. Web. 20 Oct. 2011.
Makino, Shige and Tom Roehl. "Learning From Japan: A Commentary." Academy of Management Perspectives 24. 4 (2010): 38-45. Web. 20 Oct. 2011.
This hurts the low-wage labor pool, which is the function of large employers that able to pool many jobs under one roof rather than many jobs under many roofs. Small businesses suppliers are often eliminated due to state government dealings with big business. States can assist with these problems by only enabling such entities to operate away from the small businesses and only operate in areas where there are a small number of small businesses with very strong customer loyalty to where the businesses in that area enjoy an inelastic demand curve and fear losing no business to the outside.
Bell . 2010. Smart Grid, Smarter City. ICMA September 2010.
Lare PV 2006. Growing Toward More Efficient Water Use: Linking Development Infrastructure, and Drinking Water Policies. Copyright EPA 2006.
San Diego Budget & Finance Committee (2006) FY 2008 to FY 2012 -- City of San Diego Five-Year…
Bell R. 2010. Smart Grid, Smarter City. ICMA September 2010.
Lare PV 2006. Growing Toward More Efficient Water Use: Linking Development Infrastructure, and Drinking Water Policies. Copyright EPA 2006.
China & India: Rapid Economic Growth -- Additional pages
Additional Introduction / Conclusion Copy
How did China and India emerge so rapidly as enormous economic powers? This paper reviews the circumstances of the economic advancement that both countries have made, and establishes that these nations became economic powerhouses due to the sheer size of their economies -- along with the strategies they employed.
The Indian economy has been among the "fastest growing economies" in the world since the late 1980s, according to Kunal Sen, writing in the peer-reviewed journal Contemporary South Asia. He insists that most experts (in "the international financial press") are incorrect when they assert that the Indian economy began to accelerate following the "radical economic reforms of 1991" (Sen, 2009, p. 364).
In fact, Sen writes, the gross domestic product (GDP) per capita began to rise "…in the late 1970s, and has kept on steadily increasing over…
Mallick, Hrushikesh, and Mahalik, Mantu Kumar, 2008, 'Constructing the Economy: The Role of Construction Sector in India's Growth', Journal of Real Estate Finance and Economics, vol. 40, 368-384.
Sen, Kunal. 2009, 'What a long, strange trip it's been: reflections on the causes of India's growth miracle', Contemporary South Asia, vol. 17, 363-377.
Tyers, Rod, and Golley, Jane, 2010, 'China's Growth to 2030: The Roles of Demographic Change and Financial Reform', Review of Development Economics, vol. 14, 592-610.
Zhang, Wei, and Liu, Xiaohui, 2009, 'Introduction: Success and challenges: an overview of China's economic growth and reform since 1978', Journal of Chinese Economic and Business Studies, vol. 7, 127-138.
Cambodia is currently experiencing something of an economic renaissance, in particular vs. where the country has been. In the late 1970s, Cambodia faced brutal government under the Pol Pot regime. The cities were emptied as the Khmer ouge mobilized the nation's entire workforce to produce rice, most of which was exported to China. As part of this reorganization of society, the Khmer ouge killed all dissidents, intellectuals or people of skill. The result was that, when the Vietnamese liberated the country, Cambodia had absolutely no functioning economy, and no people who could drive the economy and the country forward. The Khmer ouge lingered on as a force in the country for a long time, further stunting opportunity for economic development. Now today, Cambodia's economy is beginning to show signs of life.
Facts & Figures
The country's GDP has increased an average of more than 6% per year since 2004, including…
CIA World Factbook. (2013). Cambodia. Central Intelligence Agency. Retrieved December 16, 2013 from https://www.cia.gov/library/publications/the-world-factbook/geos/cb.html
traffic congestion kill economic growth community ward This article city Vaughan Ontario Canada.
The city of Vaughn in Ontario, Canada, is one of the area's fastest growing communities and it apparently doubled in size since the early nineties. hile this has had a positive effect on the area's socioeconomic status, it also led to a serious problem as congestion started to be more and more common. The authorities attempted to tackle the issue through improving the infrastructure and through bettering the public transport system. Even with this, the rapid inflow of people seems to be too much for the community and it started to experience economic problems as a result of the traffic situation.
Road congestion is a divisive topic, as many are inclined to perceive it as a sign of success -- most successful communities from around the world report incidents involving congestions and thus influence the general public…
Porcaro, Mike, "As Subway Extension Construction Project Reduces Congestion, Toronto Commuters Will Benefit," Retrieved June 25, 2014, from http://www.conexpoconagg.com/Media/ConstructionProjects/TorontoSubway/
"Committee Transcripts: Standing Committee on General Government - 2012-Jun-06 - Traffic congestion," Retrieved June 25, 2014, from http://www.ontla.on.ca/web/committee-proceedings/committee_transcripts_details.do?Date=2012-06-06&ParlCommID=8958&BillID=&Business=Traffic+congestion&locale=en&DocumentID=26441
China as a Developing Country
China's Economic Growth
China as a developing country
The world economy has grown to be very competitive of late; there have emerged new economic trends, new economic alliances as well as new economic powers in the world over. Among the newly emerging economic powers is China which has been observed to be one of the fastest and stable rising economies in the world that no other economies can ignore them. The big question is how the Chinese have been able to set this trend and how they are maintaining it throughout.
Before 1978, China had been experiencing an annual growth of 6% annually; at times it had severe setbacks in the economy and this was due to the control that the government had on almost all assets of China and the significant infrastructure and means of production and trade. However, this came to change in…
Aimin Chen, (2004). Assessing China's economic performance since 1978: Material attainments and beyond. The Journal of Socio-Economics 34. Retrieved May, 30 2011 from http://www.aiecon.org/advanced/suggestedreadings/PDF/sug110.pdf
Bloomberg Bissweek, (2011). Foreign Investment in China Climbs 15% on Consumer Demand.
Retrieved May, 30 2011 from http://www.businessweek.com/news/2011-05-16/foreign-investment-in-china-climbs-15-on-consumer-demand.html
Centennial Group Holdings, (2002). The Development of Private Enterprise
America's Self-Imposed Economic Limitations
The United States stands proudly and vocally on its reputation as the greatest economic force in the world. Particularly following orld ar II and throughout the protracted conflict that was the Cold ar, the United States asserted its capitalist system as one that would ultimately drive global economic growth and progress. Yet, today, we find the United States at something of an impasse. In the throes of a seemingly endless recession and constantly bombarded with ominous predictions about the unsustainable nature of the American way of life, we must confront the reality that we may have reached the limits of our growth potential. Both because of America's poor prioritization of social needs and its global orientation with respect to free trade, the nation is facing a crisis of stagnancy that may only get worse with time.
America's domestic policies are very much to blame for certain…
Bennett, W. (2012). Academic growth limits U.S. economic growth. Northeast Mississippi Daily Journal.
International Herald Tribute (IHT). (2012). The Price of Globalization: American Jobs. International Herald Tribune.
Localities with Strong Economic Growth and Dealing with Problems of National and Local Levels of Planning
The objective of this work in writing is to address the primary problems of contemporary localities with strong economic growth and answer the question of how should the state deal with these problems in regards to both national and local levels of planning.
Long- and Short-Term Planning
Long and short-term planning for land use and urban, suburban and rural revitalization and growth is the focus of urban and regional planners. These planners assist officials in the alleviation of "social, economic, and environmental problems" through making recommendations of locations for such as schools, roads as well as other infrastructure. These individuals additionally suggest the zoning regulations for private property, which makes a requirement of "forecasting the future needs of the population." (U.S. Department of Labor, 2011) Most of local governments hire these planners and these…
Balis, Ryan (2006) Smart Growth Policies Hurt. National Policy Analysis. National center for Public Policy Research. June 2006. Retrieved from: http://www.nationalcenter.org/NPA539SmartGrowth.html
Defining Life Cycle Assessment (2011) Urban Environmental Management. Retrieved from: http://www.gdrc.org/uem/lca/lca-define.html
Defining Capacity Building (2011) Urban Environmental Management. Retrieved from: http://www.gdrc.org/uem/capacity-define.html
The Vision for Planning (2007) Royal Town Planning Institute (RTPI). 5 Jan 2007. Retrieved from: http://www.rtpi.org.uk/item/296/23/5/3
Question One: Neocolonial Practices and Economic Growth in Former colonies
Neocolonialism refers to any attempt by a powerful nation to use economic, cultural, and political pressures to influence their former colonies to act a certain way. Nations could act directly or through influential global institutions such as the International Monetary Fund and World Bank. Proponents of neocolonial practices argue that they provide means to stimulate economic growth in less-developed nations. Critics, however, argue that such practices have little benefit on former colonies and they, in fact, stifle real economic growth. Using relevant examples, this text argues that in line with critics’ argument, neocolonial practices impose limits on real economic growth in the target countries since the imposing countries are often driven by personal interests.
Jamaica offers a perfect example of an economy stifled by neocolonial practices as laid out in Stephanie Black’s documentary titled ‘Life and Death’. In the 1970s,…
Schefner, J., & Fernandez-Kelly, P. (2011). Globalization and Beyond: New Examinations of Global Power and its Alternatives. University Park, PA: Pennsylvania state University Press.
Stephanie Black Documentary. Life and Debt.
Economics of New Ideas and Innovations
This research paper discusses the economics of a new idea. Without new ideas and inventions, the economy might very well become stagnant or decline, as predicted by many early economists, who did not understand that impact that ideas and innovative technology had on global markets.
Technology is endogenous in the new growth theory, which holds that technology is a function of the capital and labor used to develop technology, the technology used in that process, and the economic environment. For the purpose of this paper, technology refers to the methods and tools that are used to generate with new ideas and more efficient ways of producing goods and services.
Ideas and technical innovations are crucial to the economy. If a country wants to grow, it must create an environment that encourages entrepreneurs and innovators to generate new ideas. Creating an economic environment that promotes…
Boneuve, K. (2001). Driving Innovation Through Software. The Software & Information Industry Association.
Clement, Douglas. (September, 2002). Creation Myths. The Region.
Farrell, Christopher. (1994). Economists for an Expanding Universe. McGraw-Hill Companies Inc.
Juma, C. 1989. The Gene Hunters: Biotechnology and the Scramble for Seeds. Princeton: Princeton University Press.
In terms of output and growth, Canada's real GDP was 2.96% higher than it was a year ago, but the growth trend is slowing down from a growth rate high of 3.81% in Q3 2010. Japan's economy has contracted in Q2 2011 by 0.76%. It's rate has been volatile, growing rapidly over the past year only to contract again. The UK's growth rate is 1.63%, and that country has had fairly stable, if sluggish, real GDP growth. The current GDP growth rate in the United States is 2.33%. Real GDP growth is on a downward trend in the U.S. But has maintained healthy levels since Q4 2009.
All four countries were affected by the recession. Each experienced real GDP declines during the 2008-2009 period. Japan was the hardest hit. Yet each nation recovered in 2010, only to see the rate of economic growth slow again in 2011.
BoC. (2011). Inflation control target. Bank of Canada. Retrieved October 20, 2011 from http://www.bankofcanada.ca/monetary-policy-introduction/framework/inflation-control-target/
Estrella, A. & Trubin, M. (2006). The yield curve as a leading indicator: Some practical issues. Federal Reserve Bank of New York. Retrieved October 20, 2011 from http://www.newyorkfed.org/research/current_issues/ci12-5/ci12-5.html
Investopedia. (2011). Yield curve. Investopedia. Retrieved October 20, 2011 from http://www.investopedia.com/terms/y/yieldcurve.asp#axzz1VCSWJAY8
St. Louis Fed. (2011). International economic trends: August 2011. Federal Reserve Bank of St. Louis. Retrieved October 20, 2011 from http://research.stlouisfed.org/publications/iet/
Economics of International Trade China
Exploring the Economics of International Trade: China
"Chinese international trade has experienced rapid expansion together with its dramatic economic growth which has made the country to target the world as its market," and its expansion has only continued to show powerful growth within the international economic marketplace (Sun & Heshmati, 2010, p 1). After China was reopened to trading with the West in 1978, the country has really took off in becoming one of the world's biggest producers and exporters of a plethora of different goods. China has grown tremendously as nations like the United States have become their biggest trading partners. In response, China has helped refuel this growth with the manipulation of their currency and their heavy investment in the U.S. dollar, which ensures them a more competitive position for their exports.
For generations, China had closed itself off to trading and interacting…
American Manufacturing. (2012). China and currency manipulation. Issues. Web. Retrieved September 4, 2012 from http://americanmanufacturing.org/category/issues/china/china-and-currency-manipulation
Barboza, David. (2012). Business and economy in China. New York Times. Web. Retrieved September 4, 2012 from http://topics.nytimes.com/topics/news/international/countriesandterritories/china/business_and_economy/index.html
Congress Quarterly. (1999). The consumer culture. CQ Researcher, 9(44), 1001-1016.
Manzay, Terrance. (2010). China export industry dominates worldwide. Article Snatch. Web. Reprieved September 4, 2012 from http://www.articlesnatch.com/Article/China-Export-Industry-Dominates-Worldwide/3853472#.UEZqYKNIuHY
The need for the preservation of these resources is because of the fact that it is finite or limited. Abused utilization of these resources will deplete it and will eventually endanger the future inhabitants of the earth, leaving them nothing for the production of their own needs. Without the resources, there will be nothing to work on in the first place. Achievement of economic stability is the first step in order to achieve the other social goals. Since there are resources, there can be economic efficiency whereby goods can be produced at a lowest possible cost because of the availability of resources. Economic freedom or the right of a man to engage in voluntary economic activities, economic equity or justice particularly in terms of taxation and welfare economics, and economic security or security in employment can be settled between the government and the people in order to achieve them. All…
Economic Crisis Policies
US current economic crisis is considered to be started from real estate sector. The real sector started to decline in 2006 and it accelerated in 2007 and 2008. Housing prices have fallen from the peak from about 25% so far. The decline in prices left homeowners with no option and they were unable to refinance their mortgages and causes default of mortgages. This default of mortgages and loans swallowed the banks and financial markets such as falling of Lehman's brothers and other anks and blow to rest of economy happened as the whole economy was relying on banks and ultimately it slows down investment in the country and capital flows to other parts of the world like China and India. ank losses cause reduction of bank capital which in turn requires capital reduction thus saving bank from lending. It is estimated that every $100 loss and reduction…
ISR international socialist review. (2009, april). Retrieved from The U.S. economic crisis:causes and solutions: http://www.isreview.org/issues/64/feat-moseley.shtml
Journal of accountancy. (2009, october). Retrieved from The U.S. economic crisis: root causes and road to recovery: www.journalofaccountancy.com/Issues/2009/Oct/20091781
Eyes on wall street. (2011, april). Retrieved from Levin coburn investigates casues of financial crisis: http://www.eyesonwallstreet.com/2011/04/articles/financial-crisis/levincoburn-report-investigates-causes-of-the-financial-crisis/
Rude, C. (2009). World Economic Crisis and Fed Reserve Response to it. Studies in Political Economy.
If there is a risk that one of the family members will lose his or her job, that will add risk to the purchase decision. The riskier the purchase decision, the lower the price will need to be in order to compensate for that. Another factor here is the expected change in housing prices or interest rates. Buyers are inclined to enter the market if they believe that the cost of home ownership will be higher next year, but they may delay purchases if they believe that costs will be lower next year.
ith new home sales last summer, the dip could be in part due to worries about a double-dip recession. The summer was characterized by an inane fight over the debt ceiling, something that shattered confidence of many in the political system, and some of the key actors within that system. A fractured political system is one that…
Hauser, C. (2011, Aug 24). Sales of new homes fell again in july. New York Times, pp. B.6-B.6. http://search.proquest.com/docview/884825381?accountid=35812
An economic system is basically described as specific set of principles that addresses the production, distribution, and consumption of products and services. The involved parties in the production, distribution, and consumptions processes are usually determined by or dependent on the economic system. Throughout the history of humanity, different types of economic systems have evolved because different societies have placed varying emphasis on distinctive goals and priorities as part of their efforts to obtain answers to certain economic questions. In addition, the difference in economic systems is fueled by the tendency by different societies to develop very broad economic approaches to manage their resources. One of the main reasons for the development of different economic systems is to address the challenge of scarcity. The challenge of scarcity is an essential problem that confronts individuals and nations. hile there are four major types of economic systems recognized by economists, there…
"Economic Systems." Hilliard Bradley High School. Hilliard Bradley High School, n.d. Web. 18 Mar. 2013. .
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The country has traditionally relied on growing its workforce as a means of increasing its economic capabilities. hile Hong Kong has done the same in the past, its policy has diverged at this point. Faced with an influx of labour from the PRC, Hong Kong now faces a situation where it needs to focus on bringing in high-end labour, rather than the unskilled labour that is currently flooding in. Singapore shares a similar need, but has less space for new arrivals. A more open border with Johor Bahru on the mainland gives Singapore the ability to house labour out of the country that Hong Kong does not enjoy, but could encourage businesses to relocate there as well, to Malaysia's benefit.
Singapore has also focused on trade more than Hong Kong has. Traditionally, Singapore has adopted a role as a trade hub, where Hong Kong was a finance and insurance hub.…
CEDB. (no date). Home page. Commerce and Economic Development of Hong Kong. Retrieved March 15, 2013 from http://www.cedb.gov.hk/about/index.htm
Chen, S. (2013). Singapore GDP growth beats initial estimate as Asia recovers. Bloomberg. Retrieved March 15, 2013 from http://www.bloomberg.com/news/2013-02-22/singapore-economy-expanded-more-than-expected-in-fourth-quarter.html
Hong Kong Economic and Trade Office. (2009). Hong Kong's growth strategy linked to six new industries. Hong Kong Economic and Trade Office, Canada. Retrieved March 15, 2013 from http://www.hketotoronto.gov.hk/newsletters/hkn0910/policy.htm
Lim, L. (2008). Singapore's economic growth model -- too much or too little? University of Michigan. Retrieved March 15, 2013 from http://www.fas.nus.edu.sg/ecs/scape/doc/24Oct08/Linda%20Lim.pdf
Slow model (1992) is an economic tool used to analyze a country economic growth. The principal conclusion of Slow model is that the accumulation of capital could not only account for the growth rate per person. To address the central question of economic growth, it is critical to move beyond the Slow model. Mankiw et al. (1992) incorporate economic tools such as FDI growth rate, trade, inequality, institutional quality and other core variables such as labor and capital to analyze the growth rate across countries,.
Objective of this paper is to use the core economic variables and non-core economic variables to investigate their potential impacts on the United States growth rates.
Overview of the United States Growth ates
The United States is the largest and most powerful economy in the world. Presently, the U.S. has the highest level of output with the country GDP valued more than U.S.$14…
Andrew, W. (2007). The link between institutional quality and economic growth: evidence from a panel of countries. Master's Thesis.
Country Watch (2012).United States Economic Overview. CountryWatch, Inc.
Freckleton, M. Wright, A. & Craigwell, R.(2012). Economic growth, foreign direct investment and corruption in developed and developing countries. Journal of Economic Studies. 39 ( 6):639 -- 652.
Kornecki, L. & Borodulin, V.(2011). Foreign Direct Investment Stock Contributes to Economic Growth in the U.S. Economy. Department of Economics, Finance, and Information System.
The economic policy tools that were employed just after the war subsequently underwent some changes. From 1947 to 1950 direct controls on wages and distribution were eliminated followed by removal of trade controls in 1958. However, the government continued to maintain its hold over prices and credit distribution which made it different from many of its neighboring states in the postwar period. The French Ministry of Finance exerted greater control over the economy than the Bank of France. This led to a greater predilection to resort to devaluation when external equilibrium resulted due to the state failure to control incomes. In France, the period between 1945 and 1975 was known as the "thirty glorious years" because of the phenomenal economic performance. During this period, the average growth rate of GDP was around 6.8% which was quite remarkable considering that Britain's average GDP growth rate was 2.4% and Germany's…
Bathelt, Harald; Wiseman, Clare; Zakrzewski, Guido. Unit 1: Post-war development and structure of the German economy.
Buchanan, Tom. Europe's troubled peace, 1945-2000.
DeLong, J. Bradford. Grasping reality with both hands: A Fair, Balanced, Reality-Based,
Economic Challenges Canada Faces
In recent years, the challenging economic condition in Canada has emerged as a concern for citizens, policy makers and the government alike. Canada faces challenges in terms of creating a more innovative society, as the country continues to experience a significant productivity gap compared to other advanced industrial economies. The Canadian industry appears to be slower in successfully developing, applying and marketing innovative products, processes and services than a majority of other nations. This lack of innovation is the cause of Canada's low productivity growth and competitiveness, and therefore must be addressed in order to increase employment growth, a higher standard of living and an improved quality of life for all Canadians.
Current research predicts that although Canada's economic performance will gradually strengthen out of the recent mild slowdown into a better pattern of growth in 2004, Canada's economy still faces the longer-term challenge of increasing…
Department of Finance Canada. (2004). The Economy in Brief. Retrieved March 8,
2005, from the Department of Finance Web site: http://www.fin.gc.ca/ECONBR/ecbr04- 12e.html
Economic Survey Canada. (2004). Building Partnerships for Progress. Retrieved March 8, 2005, from the Economic Survey Canada Web site: http://www.oecd.org/document/24/0.02340.en_2649
Environment Canada, Informing Canadians on Pollution. (2002) Highlights of the 2002 National Pollutant Release Inventory, Environment Canada.
Energy costs increased substantially and the yen's exchange rate was shifted to a floating rate. The eventual recession reduced expectations of future growth and reduced private investment. Economic growth went down from 10% to 3.6% during the period 1974-79 and to 4.4% in the decade of the 80s. ut despite the oil crisis and its consequences, Japan's major export industries stayed competitive through its cost-cutting policy and increasing efficiency. It reduced industrial energy demands and allowed the automobile industry, along with other industries, to improve. y the late 70s, the computer, semiconductor and other technology and information-intensive industries entered a period of rapid growth. During this high-growth era, exports continued to support Japan's robust economic growth in the 70s and in the 80s. However, the problems encountered on account of its growing balance of payments surplus urged for the opening of domestic markets and a stronger focus on domestic demands…
Answers.com. (2007). Shigeru Yoshida. 4 pages. Encyclopedia Britannica: Answers Corporation
Bernier, B. (1980). The Japanese peasantry and economic growth since the land reform of 1946-47. 40 pages. Vol 12 issue 1. Bulletin of Concerned Asian Scholars: Questia Media America, Inc.
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Economic Change in Saskatchewan
"If there were a change in Saskatchewan's economic circumstances from one of "boom" to one of "normal" or "bust," which current areas of government activity would you expect to be affected by this change, and, what would you expect the government's policy response to be to adapt to these new economic conditions?"
Currently, Saskatchewan was seen significant and rapid development in economic activity. The province has been able to take advantage of the rich supply of natural resources and exports many commodities to global markets. Much of the growth that the area has experienced can be attributed to the growth of potash and oil. However, these resources may not sustain the levels of economic growth that the region has experienced indefinitely. If Saskatchewan does not work to diversify its economy then the economic boom that it has experienced could slowly dwindle away. Furthermore, if…
Craig, M. (2014, April 9). Challenges ahead to sustain Saskatchewan's rate of economic growth. Retrieved from Global News: http://globalnews.ca/news/1261615/sustaining-our-economic-growth/
Government of Saskatchewan. (N.d.). Economy. Retrieved from Government of Saskatchewan: http://www.gov.sk.ca/Default.aspx?DN=8f48fa79-d320-48d8-bc6a-f414d4c59694
Government of Saskatchewan. (N.d.). The Saskatchewan Plan for Growth. Retrieved from Government of Saskatchewan: http://www.saskatchewan.ca/government/budget-planning-and-reporting/plan-for-growth
The Institute of Certified Management Consultants of Saskatchewan. (N.d.). The Role of Urban Communities in Sustaining. Retrieved from CMC: http://www.cmc-canada.ca/documents/thinkbigsk/CMCSK-EconomicReview-April2014.pdf
Governments will not provide public goods to those they mistrust, as they will not expect to be able to collect taxes at a later date. In Africa, this again can be related to ethnic tensions -- governments and regions from different ethnic groups may have mutual mistrust that predates the colonial era.
Every nation will develop in its own way. For the most part, however, specific antecedents to development can be identified. Strong government is essential as lack of security will reduce investment -- both domestic and international -- and thus stifle economic growth. Strong government must nonetheless not confuse the rule of law with a mandate to expropriate wealth. The government will need to tax, but must do so only in accordance with the needs of the region for public goods. At some point, trust will need to be developed between the government and the people of the…
Acemoglu, D. 2005. Politics and economics in weak and strong states. Journal of Monetary Economics. Vol. 52 (2005): 1199-1226.
Herbst, J. 1990. War and the state in Africa.
Acemoglu, D. & Robinson. Economic Structure and Democracy.
Aryeetey, E. 2004. Financing Africa's future growth and development: Some innovations. Institute of Statistical, Social and Economic Research. 1-44.
One of the other key measures of our economy is the unemployment rate. This measure provides something of a counterpoint to a growing GDP. The unemployment rate increased in October 2008 to 6.5%. The ability to find meaningful work is a key component of GPI, yet the GDP can grow even if unemployment is high. One of the reasons is that the GDP does not measure wealth distribution. The wealth gap has increased over the past eight years. Average household wealth has increased, but the rate of increase is faster in the top quartile of households. Real wealth in the lower quartiles has stagnated. Again, the GDP would measure the wealth as having grown nationally. But over the past eight years wealth distribution has worsened. hile this clearly constitutes economic success for some individuals, it does not constitute economic success for the majority.
The current account deficit has continued to…
Cobb, Clifford; Halstead, Ted & Rowe, Jonathan. (1995). If the GDP is up, why is America down? The Atlantic. Retrieved November 9, 2008 at http://www.theatlantic.com/politics/ecbig/gdp.htm
hile the U.S. is only showing the first signs of recovery from the global economic crisis, other nations such as Australia and China have recovered much more quickly. There are a number of factors that have contributed to the disparity in economic performance in the past three years in these different nations. In particular, three factors will be considered. The first is the situation in each country at the outset of the crisis. As the crisis was largely precipitated by a credit crunch, the differences between the structure and regulation of the banking sectors in each country will be given particular attention. The second factor will be the response on the part of each federal government to the crisis. The third factor will be the nature of the different economies -- the degree to which different structures have impacted the recovery process. Lastly, policy implications will be drawn for…
BEA. (2011). National income and product accounts table. Bureau of Economic Analysis. Retrieved March 4, 2011 from http://www.bea.gov/national/nipaweb/TableView.asp?SelectedTable=1&ViewSeries=NO&Java=no&Request3Place=N&3Place=N&FromView=YES&Freq=Year&FirstYear=2007&LastYear=2010&3Place=N&Update=Update&JavaBox=no#Mid
Chinability.com. (2010). GDP growth in China 1952-2009. Chinability.com. Retrieved March 4, 2011 from http://www.chinability.com/GDP.htm
Jones, F. (2011). Krugman: Stimulus didn't fail because it never happened. Moneynews.com. Retrieved March 4, 2011 from http://www.moneynews.com/StreetTalk/paul-Krugman-Stimulus-Didnt/2011/02/16/id/386333
Maiden, M. (2009). Australia's banking sector is as strong as a brick outhouse. The Age. Retrieved March 4, 2011 from http://www.theage.com.au/business/australias-banking-sector-is-as-strong-as-a-brick-outhouse-20090506-avdj.html
00). This is below the EU, where they have a rating of 42 or a PPP of $32,500.00. (Czech epublic 2010) 1 When you compare the two numbers, the purchasing power is lower in the Czech epublic in comparison with the EU. This means, that labor costs are much lower in relation to the rest of Europe. When you put this together with the increases in the GDP over the last two quarters and the fact that the banking sector, was undamaged from the financial crisis; means the Czech epublic has outstanding opportunities for addressing the needs of the company. As the country's costs, the business friendly atmosphere and prudent practices of government policies are creating the ideal environment for a European call center to flourish.
Despite the obvious advantages, there are risks of relocating to the Czech epublic the most notable would include: the underlying cost structure. While…
1. Czech Republic, 2010, CIA World Factbooks. Available from